NI Presbyterian mutual society, Short of funds for withdrawal?

fivealive_2

I find it very tedious when I go to send any of you a Private Message but my usual email address contains both my first and last names which would destroy my anonymity.
Therefore I have created a new email address incase any of you want a private word: [EMAIL="fivealive1@talktalk.net"]fivealive1@talktalk.net[/EMAIL]

Do not underestimate how big an achievement this was for me as I have no formal computer training and do not use computers at work.
:doh:

I have added this address into my Outlook Express (be impressed folks) so it should be easy for me to check it regularily.:whistle:

expat68

just a note to all the weekend lurkers - we know you're there as almost 62,000 views on the thread and even jon groovy cant be responsible for all of those !

Appreciate that not everyone wants to join in or post on the forum but it is essential that out of the 10,000 investors as many as possible are bombarding their MPs, MLAs, Presbytery Clerks, Reverends, the moderator etc etc with questions, requests for progress, tales of continued personal distress at the situation etc. The media is starting to move on so if everyone stays silent the rest of the world will move on and youll be getting a low pay out from the administrator. Silence will achieve nothing and its your money at stake.

crazymess

FSA are apparently investigating the activities of the PMS - (I assume a Saver asked for this to happen).

As consumers you can telephone them to ensure this is being done and also ask how you can find out about the outcome.

If the PMS are found to have been doing activities that should have been regulated - does that not mean we could get PAID IN FULL!!!! I'm only hoping - or does that mean we need to take legal action against the Directors to get PAID IN FULL!!!

See London Scottish - all of their savers got money back in full not just the £50000 because they were registered and regulated by the FSA as thats what happens in England, Scotland and Wales. I know they were a bank - but it looks like PMS were acting in some ways like a bank!!! I believe PMS in the later days should have been regulated by FSA.

Notice on our PMS rule book on page 1 they refer to our SAVINGS.

Notice that the Administrators doesn't mention this in the ACTIVITIY of the PMS in his report. - Don't know if it is relevant.

Now to you and I - they were savings but because the PMS was registered with the Industrial and Providents and WE LIVE IN NI -we therefore don't have to register with FSA - PMS would only need to get regulated by them if they were undertaking mortgage activity - so our savings need to be turned into shares up to £20000 and then loans to the Society.

For all of you that have MORTGAGES with the PMS - wonder what you are thinking or feeling??? If it is true, then you have been sold a product for which the PMS didn't have regulation!!! Perhaps you could share this with us and let us see a copy of your mortgage???

The lack of information is annoying -

Administrator is bound by law - not to tell us anything
The Solicitor can't really tell us anything

FSA can't tell us anything

DETI - if they do an investigation on the Directors - can't really divulge that information

These people are using our money to facilitate all of this - yet we are not allowed to know ANYTHING - WHERE IS THE JUSTICE IN THIS??

amadan22

in the administrator's report he says that he must report back to fsa! if we're not regulated by them why's he reporting to them? maybe they only !!!!! up their ears after admin. is initiated? horse bolted, smell of a carcass, etc. etc?

amadan22

had to laugh when my "pr*ck up their ears" was editted!

john2009

amadan22 wrote: »

in the administrator's report he says that he must report back to fsa! if we're not regulated by them why's he reporting to them? maybe they only !!!!! up their ears after admin. is initiated? horse bolted, smell of a carcass, etc. etc?

I think the fsa have a team which look at unregulated financial activity, that's probably why the administrator is reporting to them. So you dont have to be regulated by the fsa to be subject to an investigation.

john2009

crazymess wrote: »

FSA can't tell us anything

DETI - if they do an investigation on the Directors - can't really divulge that information

My understanding is that the FSA and DETI will make public the results of any investigation.

goodbyepci

Article today in the Irish Times, not very accurate journalism, they've got the name of the administrator wrong...............bit of a mish mash really

http://www.irishtimes.com/newspaper/ireland/2009/0214/1233867937326.html

expat68

john2009 wrote: »

My understanding is that the FSA and DETI will make public the results of any investigation.

FSA investigation will probably be public info. My understanding from l'estrange and brett is that the administrators report on directors actions will not be made public, even the administrators lawyer may not see the final version according to him.

FSA are probably trying to get information on the presence/ extent of unregulated activity so if anyone is reading who has a loan against a property they are living in from PMS it may be worth i) understanding the implications for your legal position and ii) letting the FSA know. If the activity should have been regulated you will have probably have none of the rights of those who have taken a mortgage from a FSA regulated bank/ building society.

Mark789

Sorry to be negative, but I'm not as convinced as others that the FSA finding that the PMS should have been regulated will give us the outcome we want.
The most likely outcome appears to be a fine on the PMS - guess who would pay that? PMS shareholders, i.e. savers.
There may be sanctions against the directors, whose responsibility it was to ensure appropriate regulation, and that would just bring us back to Director's Indemnity Insurance. I just hope they had plenty.